Speculation on as yet unreleased data from a late stage trial of Acadia Pharmaceuticals' experimental drug for Parkinson's disease psychosis has fueled unexpectedly heavy activity among investors on Friday. Investors are expecting good news from the company on PDP drug candidate pimavanserin later this quarter. Acadia's shares soared as much as 44 percent to hit a year high of $3.75 in late trading on Friday, closing at $3.41. The jump was fueled by an increase in trading of the stock's call options to 19 times the normal rate. The company's shares are now trading at $4.92, a 44 percent increase over Friday's close and a 154 percent year-over-year increase.
Pimavanserin is currently being evaluated in two Phase III trials in conjunction with Canadian drugmaker Biovail. Acadia and Biovail partnered-up in May in a deal worth $395 million. Under the agreement, Biovail will develop, manufacture and commercialize the drug candidate in the U.S. and Canada. Acadia, which holds rights to all other markets, will get royalties on U.S. and Canadia sales. CEO Uli Hacksell, Ph.D., has told FierceBiotech in the past that it would like to partner the drug outside of the U.S. Sales of pimavanserin could bring in up to $200 million for the partners, Jason Napodano, Senior Equity Research Analyst at Zacks tells RTTNews.
San Diego, CA-based Acadia told Reuters that it will to release the clinical data this quarter, though no date or time frame was specificied.